Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Central Asset Investments & Management Holdings HK Ltd

Central Asset Investments & Management Holdings HK Ltd lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 82.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,335 shares of the software maker’s stock after selling 6,264 shares during the quarter. Cadence Design Systems comprises about 0.4% of Central Asset Investments & Management Holdings HK Ltd’s holdings, making the stock its 26th biggest position. Central Asset Investments & Management Holdings HK Ltd’s holdings in Cadence Design Systems were worth $362,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Avantax Advisory Services Inc. boosted its holdings in shares of Cadence Design Systems by 36.3% in the first quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock valued at $869,000 after acquiring an additional 743 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its position in shares of Cadence Design Systems by 22.7% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 1,233 shares of the software maker’s stock valued at $384,000 after purchasing an additional 228 shares during the period. Nicolet Advisory Services LLC raised its stake in shares of Cadence Design Systems by 21.0% in the 1st quarter. Nicolet Advisory Services LLC now owns 1,134 shares of the software maker’s stock worth $353,000 after buying an additional 197 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Cadence Design Systems by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after buying an additional 437,101 shares during the period. Finally, TIAA Trust National Association boosted its stake in Cadence Design Systems by 3.0% during the first quarter. TIAA Trust National Association now owns 2,369 shares of the software maker’s stock valued at $737,000 after buying an additional 70 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Mizuho assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $289.71 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $79.46 billion, a P/E ratio of 76.04, a price-to-earnings-growth ratio of 3.75 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm’s 50-day simple moving average is $274.49 and its 200-day simple moving average is $282.77.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the business earned $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. This represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock valued at $4,217,635 in the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.